So, you need to meet Joe and figure out his views and personality toward his duties, IMO.The Board has limitations, or should, major expenses should be voted on by the owners, but this can be left up to the Board (dangerous) or a management company (more dangerous).

I met many out of state investors, and started understanding how to mitigate some of the risks of out of state investing.

There is no danger (it is a 10 year old building and there are no settling cracks, etc.).  

Your water mitigation bill from a company like this, excluding the build-back, might run $4k-$7k+, and depending on the area and the number of properties damaged, they may not be able to get to you for several days.  

I think this method benefits both sides if we trust each other and both have good intentions (otherwise there's a lot of danger in revealing your competitive advantage / trade secrets), as he'll learn more about the investing side, and I'll learn more about the rehab side.  

I just wonder if I could do as well by taking a wall mount type tester down there.Yes in my experience crawls are a dangerous place.  

Is their any way to mitigate this Due Diligence dance before it begins?

Don't forget short sales, if you can buy it.Installment contracts or Sub-2 deals are harder to pull off once a loan hits the lender's radar screen.Wholesaling a pre-foreclosure is just plain dangerous, if you lead someone to believe they have a property sold and you fail, you took that property off the market putting it under a sale contract (use an option, and such are restricted in Texas).

If your investors know that you have skin in the game you'll mitigate some of their concerns.It's important to remember that people don't invest in deals, they invest in people. 

Louis is, if not the most liberal areas in Missouri it is one of most liberal, that means more consumer oriented courts, much more so than Springfield.There is nothing more dangerous than older real estate investors doing business as was done 20 or even 10 years ago, welcome to the 21st century, things have changed and many don't keep up.